Link to StockCharts Equity Only Put/Call Ratio (Symbol is $CPCE): https://stockcharts.com/h-sc/ui?s=$CPCE
You can find all the Put/Call information on the CBOE website: https://markets.cboe.com/us/options/market_statistics/daily/
I reduced my exposure this week from 80% to 50% invested. I did so for a few reasons: 1) To lock in some gains since we’ve seen a strong run since the early April follow through days 2) Because I thought we would see a pullback after that 0.50 equity only put/call number and 3) To prepare for potential profit taking the week after regular cycle options expiration. From here, I will stay focused on the leaders (to make sure they hold their 20-day moving averages) and be on watch for more potential distribution days. I’m not overly concerned right now because one distribution day so far this week on the major averages is normal and expected during uptrends. If we see more distribution and the leaders start to break down, I will turn more defensive. If we stabilize and move higher, I am comfortable with my exposure and can always add if I need to. Again, stay open minded and don’t get too bearish because the Fed is on our side, the leaders are acting well, and many people are expecting/prepared for another big leg down.
Topics covered:
1) 0:00 Announcements
2) 1:00 Reviewing the email from Monday night 5/11/20
3) 4:30 Market Commentary/Index Review: Nasdaq Composite, S&P 500, Russell 2000
4) 11:20 Stock Review: MSFT, AAPL, NFLX, AMZN, NVDA, SGEN, VRTX, DXCM, SHOP, TSLA, NOW, OKTA, VEEV, TEAM, COUP, SDGR, BTAI, NLTX, CCXI, DT, SNDX, FSLY, GH, AXNX
5) 22:00 Conclusion/Summary